UNITY BANK PLC

Annual Report

for the year ended 31 December 2022

UNITY BANK PLC

Content Page

Pages

Corporate Information

3

Directors' Report

4-8

Statement of Corporate Responsibility for the Financial Statements

9

Corporate Governance Report

10 - 16

Statement of Directors' Responsibilities

17

Statutory Audit Committee Report

18

Independent Auditor's Report

19 - 22

Statement of Profit or loss and other comprehensive income

23

Statement of Financial Position

24

Statement of Changes in Equity

25

Statement of Cash Flows

26

Notes to the Financial Statements

OTHER NATIONAL DISCLOSURES

Statement of value added

95

Five year financial summary - Statement of financial position

96

Five year financial summary - Income statement

97

2

UNITY BANK PLC

CORPORATE INFORMATION

Directors

Aminu Babangida*

- Chairman

Tomi Somefun

- MD/CEO

Oluwafunsho Obasanjo*

- Non Executive Director

Sam N. Okagbue

- Non Executive Director (Independent)

Hafiz Mohammed Bashir^

- Non Executive Director/ Ag. Chairman

Yabawa Lawan Wabi, mni

- Non Executive Director

Temisan Tuedor

- Executive Director

Ebenezer Kolawole

- Executive Director

Usman Abdulqadir

- Executive Director

Iyabo Obasanjo ̌

- Non Executive Director

Halima Babangida ̌

- Non Executive Director

* retired effective 18 March 2023

^ appointed acting Chairman effective 27 April 2023

̌appointed effective 27 April 2023

Company Secretary

Alaba Williams

FRC/2020/002/00000020510

Registered Office

Unity Bank Plc

Plot 42, Ahmed Onibudo Street

Victoria Island

Lagos

Independent Auditor

KPMG Professional Services

KPMG Tower

Bishop Aboyade Cole Street

Victoria Island

Lagos

www.kpmg.com/ng

Tax Advisors

Ijewere & Co

(Chartered Tax Advisory)

Itoya House, 126 Lewis Street

P. O Box 8713

Lagos, Nigeria

FRC/2015/ICAN/00000011189

Registrars office

Unity Registrars Limited

25, Ogunlana Drive

Surulere

Lagos

FRC/2014/CIBN/00000007827

Bank's Registered Number

94524

Bank's Tax Identification Number

00797699-0001

3

UNITY BANK PLC

DIRECTOR'S REPORT

For the year ended 31 December 2022

The Directors present their annual report on the affairs of Unity Bank Plc ("the Bank") together with the financial statements and Independent Auditor's report for the period ended the year ended 31 December 2022.

  1. Representation

The Board of Directors represents all shareholders and acts in the best interest of the Bank. Each Director represents the Bank's shareholders regardless of the manner in which he/she was appointed. Each Director undertakes not to seek, nor to accept, any benefit liable to compromise his/her independence.

  1. Legal form

The Bank was incorporated in Nigeria under the Companies and Allied Matters Act as a private limited company on 27th April, 1987 with the name Intercity Bank Limited. It was granted license on 28th October 1987 to carry on the business of commercial banking and commenced full banking business operation on 28th October, 1988. The Bank was converted into a Public Limited Liability Company on 8th September, 1992. Following the consolidation reforms introduced and driven by the Central Bank of Nigeria in 2004, the Bank after its merger with eight other Banks, changed its name to Unity Bank Plc on 30th December, 2005 and its shares are currently quoted on the Nigerian Stock Exchange.

  1. Principal activity

The principal activity of the Bank is the provision of banking and other financial services to corporate and individual customers. Such services include but not limited to granting of Loans and Advances, Corporate Banking, Retail Banking, Consumer and Trade Finance, International Banking, Cash Management, Electronic Banking services and money market activities.

  1. Business review and future development

The Bank carried out banking activities in accordance with its Memorandum and Articles of Association. A comprehensive review of the business for the year and the prospects for the ensuing year is contained in the Managing Director's report that will be presented in the annual report.

  1. Property and equipment

Information relating to the changes in property and equipment of the Bank during the year is provided in note 21 of the financial statement. In the opinion of the Directors, the fair value of the Bank's property and equipment is not less than the value shown in the accounts and are in line with the related statement of accounting policy of the Bank.

  1. Operating results

The table below summarises the financial performance of the Bank in the year under review:

Dec-22

Dec-21

N'000

N'000

Gross earnings

57,149,854

50,284,346

Profit before minimum and income tax

1,386,125

3,332,132

Minimum tax expense

(285,280)

(124,264)

Profit before tax

1,100,845

3,207,868

Income tax expense

(159,470)

(34,616)

Profit after tax

941,375

3,173,252

Profit attributable to shareholders

941,375

3,173,252

Earnings per share

Basic and diluted earnings per share (Kobo)

8.05

27.15

g.

Dividends

The Bank did not declare any dividend during the year (2021: Nil)

h.

Directors

Aminu Babangida*

Chairman

Tomi Somefun

MD/CEO

Oluwafunsho Obasanjo*

Non Executive Director

Sam N. Okagbue

Non Executive Director (Independent)

Hafiz Mohammed Bashir^

Non Executive

Yabawa Lawan Wabi, mni

Non Executive Director

Temisan Tuedor

Executive Director

Ebenezer Kolawole

Executive Director

Usman Abdulqadir

Executive Director

Iyabo Obasanjo ̌

Non Executive Director

Halima Babangida ̌

Non Executive Director

  • retired effective 18 March 2023
  • appointed acting Chairman effective 18 March 2023 ̌appointed effective 18 March 2023

The Bank did not declare any dividend during the year (2021: Nil)

  1. Director's shareholding

The Directors who held office during the year, together with their direct and indirect interests in the issued share capital of the Bank as recorded in the register of directors' shareholding and/or as notified by the directors for the purposes of section 301 of the Companies and Allied Matters Act 2020 and the listing requirements of the Nigerian Stock Exchange are as stated below:

4

UNITY BANK PLC

DIRECTOR'S REPORT

For the year ended 31 December 2022

Directors holdings

31-Dec-2022

31-Dec-2021

Name Of Directors

Direct Holdings

Indirect Holdings

%

Direct Holdings

Indirect Holdings

%

Aminu Babangida1

NIL

648,472,967

5.54%

NIL

648,472,967

5.54%

Oluwafunsho

NIL

926,104,410

7.92%

NIL

926,104,410

7.92%

Obasanjo2

Hafiz Mohammed

38,191,947

NIL

0.33%

510,000

NIL

-

Bashir

Sam N. Okagbue

NIL

NIL

-

NIL

NIL

-

Yabawa Lawan

NIL

4,001,304,845

34.24%

NIL

4,000,845,460

34.22%

Wabi3

Tomi Somefun

NIL

NIL

-

NIL

NIL

-

Temisan Tuedor

NIL

NIL

-

NIL

NIL

-

Ebenezer Kolawole

NIL

NIL

-

NIL

NIL

-

Usman Abdulqadir

NIL

NIL

-

NIL

NIL

-

    1. El-AminNig. Limited. And B-Sha Limited
    2. Tempo Food & Packing Limited, Obasanjo Holdings, Alarab Properties Limited, Agro Mixed Nigeria Limited, Ibad Limited
    3. Asset Management Corporation of Nigeria (AMCON)
  2. Directors interest in contracts

  3. For the purpose of section 303 of the Companies and Allied Matters Act 2020, all contracts with related parties during the year were conducted at arm's length.
    Information relating to related parties transactions are contained in Note 48 to the financial statements
  4. Shareholding analysis

The shareholding pattern of the Bank as at 31 December 2022 is as stated below:

Range

No Of Shareholders

Unit

1 - 9999

56,319

55,136,011

10000 - 50000

14,543

98,474,338

50001 - 100000

3,424

68,896,786

100001 - 500000

3,255

180,301,639

500001 - 1000000

1,181

90,129,045

1000001 - 50000000

105

219,812,958

50000000 - 100000000

19

145,334,387

100000001 - 500000000

49

2,449,313,102

500000001 - 1000000000

3

1,870,339,397

1000000001 - 5000000000

3

6,511,600,279

TOTAL

78,901

11,689,337,942

The shareholding pattern of the Bank as at 31 December 2021 is as stated below:

Range

No Of Shareholders

Unit

1 - 9999

56,610

56,092,561

10000 - 50000

14,622

100,429,708

50001 - 100000

3,948

70,468,245

100001 - 500000

3,857

178,165,463

500001 - 1000000

1,120

84,455,144

1000001 - 50000000

72

145,871,225

50000000 - 100000000

16

120,526,859

100000001 - 500000000

48

2,546,550,410

500000001 - 1000000000

3

1,852,359,484

1000000001 - 5000000000

3

6,534,418,843

TOTAL

80,299

11,689,337,942

  1. Substantial interest in shares

According to the register of members as at 31 December 2022, no shareholder held more than 5% of the issued share capital of the Bank except the following:

Shareholder

No of Shares held

Shareholding (%)

ASSET MANAGEMENT CORPORATION OF NIGERIA (AMCON)

4,000,130,848

34.22%

PANAFRICAN CAPITAL NOMINEE

1,480,614,483

12.67%

LIGHTHOUSE CAPITAL LIMITED

1,053,199,290

9.01%

IBAD LIMITED

717,722,190

6.14%

EL-AMIN (NIG.) LTD

615,889,636

5.27%

TOTAL

7,867,556,447

67.31%

5

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Unity Bank plc published this content on 03 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 June 2023 21:16:06 UTC.